Australians have just weeks left to claim a $500 cash boost to their super.

To get the cash boost deposited in their super fund after tax time, eligible Australians will need to fork out their own voluntary contributions by the new financial year on July 1.

But “there are some strings attached”, UniSuper advice team lead Brooke Logan told 7NEWS.com.au.

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Under the Super Co-contribution Scheme, the Australian government will match each dollar voluntarily contributed to the super fund by 50c, capping the offer at $500, according to the Australian Taxation Office.

That means to get the full annual co-contribution, Australians would need to contribute $1000 themselves, on top of their compulsory wage deductions.

To be eligible for the full $500 payment, Australians must be younger than 71, and earn a total income less than the lower income threshold for the 2023-24 financial year of $43,445.

“You must earn at least 10 per cent of your income from employment or self-employment,” Logan added.

For anyone earning above that, but below the higher income threshold — which for the 2023-24 financial year is $58,445 — entitlements will reduce progressively as income rises, until it ceases altogether for those earning above that amount.

Australians can work out exactly how much they would be eligible to receive under the scheme using the ATO co-contribution calculator.

The co-contributions, at a 50 per cent match rate, are automatically deposited into the super funds once tax returns confirming eligibility are lodged.

Internet divided

A TikTok highlighting the scheme went viral earlier this year, prompting a discussion about its effectiveness.

Some pointed out the co-contributions could be a helpful saving tactic for first homeowners to add to their super if they wished to later withdraw contributions before they retire, using the first home super saver (FHSSS) scheme.

But Logan clarified that while “you could potentially release the post-tax contribution (that is, what you put in) under the FHSSS and receive the government co-contribution within your super ... the government co-contribution cannot be released under the FHSSS”.

“The funds cannot be accessed until a condition of release has been met, usually that means retirement.”

Others simply slammed the scheme as “out of touch”.

“If I’m earning under 43k I’m not giving extra money to my super, I’d be busy trying to survive,” one person commented.

“Hold on a dang minute, that’s my baked bean fund,” another said. “Can they just put a cap on rent instead?” another said.

“I would if I wasn’t working in childcare and living in community housing,” another said.

Keeping in line with ASIC financial influencer regulations, the TikToker said in a disclaimer that she was not offering financial advice — and Logan explained why any financial suggestion on social media should be considered “general in nature”.

“It will not be suitable for everyone and will depend on your personal circumstances,” Logan said.

“Everyone is different, and there are a lot of ways to think about putting $1000 to work. For example, you might be better off using that $1000 to pay off credit card debt.

“Before making decisions, consider whether this information is appropriate for your circumstances, or even better yet, seek financial advice.”